Target (TGT) is trading up 4% pre-market after posting higher earnings. It showed $0.75 EPS, up from $0.63 the prior year and above the $0.71 estimates; revenues were $14.04 billion, up from $12.86 billion last year and a hair under the $14.17 billion estimate. The company said same-store-sales for the quarter came in at +4.3% for the quarter. What is interesting is that the company did not show formal guidance for the next quarter or the year in same-store-sales nor in earnings.
What is interesting is what Bob Ulrich, Target’s Chairman & CEO, said: "Our overall performance reinforces our confidence in our ability to continue to generate profitable market share growth for the full year 2007 and many years to come."
"Market share growth" for "many years to come" doesn’t exactly sound like they are going to try standing in place, nore does it sound like they are going to back off of their onslaught against Wal-Mart (WMT-NYSE) and others. Target stock is up 4% at $60.50 in pre-market trading, still short of the $64.74 52-week highs. There is no sizeable trading pre-market in Wal-Mart. We’ll follow up with guidance if there are any real changes that develop out of the conference call.
Jon C. Ogg
May 23, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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